Grand Prix Rejects

Reportedly he owes $7.5 million. I'd wager a guess he's been badly hit by the Rousseff government's implosion.

East Londoner wrote:Reportedly he owes $7.5 million. I'd wager a guess he's been badly hit by the Rousseff government's implosion.

No, the two are entirely unrelated. Emmo has gotten into some shady business practises, running up mountains of debts and then hiding whatever valuable assets remain. Quite disappointed to find all this out, a real shame.

Indeed, Emmo situation is unrelated with the economic crisis in Brazil and this smells fish.

In other hand, Nelson Piquet is fine with his business.

I was on my mobile so didn't get a chance to properly articulate my interpretation of events.

I have watched the piece in full (it's about a 20 minute long 'expose'). What worries me is not the bankruptcy declaration in itself, but rather that you look at the financial figures for the accounts in his own name, and it's nothing more than a typical person working a menial job would have. Yet he still flies around the world, assisting in the careers of his grandsons and so forth, living like a man with plenty of disposable income to hand.

How do you imagine he manages this? Many businesses he previously owned have vanished into thin air; when liquidators came to seize assets to offset outstanding creditors, they found nothing to take. The offices (and in one case, an orange farm), had been completely gutted. But still he seems as internationally mobile as ever before. I feel myself asking uncomfortable questions about his integrity given the events as they have transpired. To blame it on recent government struggles is an unbelievably cheap and fake excuse, the equivalent of "the dog ate my homework."

Saddens me to see this news. Of course famous and ex-wealthy people who run into bankruptcy and financial problems often continue to live quite well, on the hospitality of their wealthy connections or at the invitation and expense of them. And the limited liability of companies is the key to encouraging business.
Nevertheless , even if Emmo isn't necessarily 100% responsible for an inability to pay up what is owed, it seems true that people are owed money and are losing out , and Emmo has to take some responsibility for that.
In these cases what often occurs to me is the question of why the amounts stack up so much- really you should be able to see that there's not going to be enough to pay what is owed, and at that point its time to stop. The question is whether those responsible effectively took a risk with other peoples money after they should have stopped and simply paid off what they could...isn't it?

Emmerson gave an interview to Globo about his situation. He has a debt around BRL 25 millions, which is almost USD 7 millions. Some of his stuff got confiscate to guarantee the payment, like some of his old cars and trophies. More than 50 creditors filed a lawsuit against him to receive their payment. One of his failed business was the 6 Hours of São Paulo (WEC).

He said he only needs more time to pay everyone and he is making the possible to do this. His apartment in Miami is already for sale according to him.

Another chapter of the Emerson "crisis". In a interview for motorsport.com, he accused Globo of using him to boost its ratings and damaging his image. He also blamed the Brazilian government for his situation.

http://www.motorsport.com/general/news/ ... al-686835/